UPDATE 1-Chesapeake Energy profit beats on higher oil prices, lower costs

(Adds analysts' estimates, shares, production and price details)

Nov 2 (Reuters) - Oil and gas producer Chesapeake Energy Corp reported on Thursday a quarterly adjusted profit that beat analysts' estimates on tight cost controls and higher oil prices.

Oklahoma-based Chesapeake had warned last month that average daily production would fall 15 percent in the third quarter ended Sept. 30, partly due to Hurricane Harvey that hit the U.S. Gulf Coast late August.

The company's adjusted average sales price rose nearly 16 percent to $52.33 per oil barrel in the quarter.

Net loss available to shareholders narrowed to $41 million, or 5 cents per share, in the quarter from $1.26 billion, or $1.62 per share, a year earlier.

Operating expenses nearly halved to $1.85 billion.

Excluding items, Chesapeake earned 12 cents per share, beating analysts' estimate by 1 cent, according to Thomson Reuters I/B/E/S.

Total revenue fell 14.6 percent to $1.94 billion.

Chesapeake's shares were up 2.5 percent at $4.06 in premarket trading. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila)